Should you buy gold & silver this month?
Gold and silver rates in India news: In May, precious metal futures surged, reflecting global benchmarks amid geopolitical tensions, potential lending rate cuts, and central bank purchases. Analysts foresee enduring support for gold and silver prices due to various factors. However, navigating short-term fluctuations poses a challenge, as some warn warn of a correction in gold and silver rates despite leaps to recent peaks in the coming days. Read on for insights into gold and silver rates and analysts' perspectives on this month's precious metal market.
Gold and Silver Rates in India: Gold futures finished sharply higher in May mirroring their global benchmarks in a rally powered by factors including geopolitical uncertainties, hopes of cuts in key lending rates and buying by central banks, while silver futures were driven by robust industrial and investment demand. Globally, gold hit a reecord high of $2,454 per ounce while silver scaled an 11-year peak in May before settling about 4-6 per cent lower for the month. Many analysts expect gold and silver prices to be supported by several factors in the long run, but what to do in the shorter timeframes? Here's all you need to know about gold and silver rates, and how analysts view the precious basket this month.
How gold prices moved in May
How silver traded
International gold and silver rates in May
INR vs USD in May 2024
Can you expect similar gains in gold in the coming months?
Can you expect some correction in gold?
Where is silver headed in the near term?
Gold in long-term uptrend?
Gold 2024 outlook
Factors such as the anticipation of a monetary easing cycle by the Fed in the second half of the year alongside ballooning US national debt, continued central bank gold purchases in large quantities, and the safe-haven appeal of gold amid economic instability support a higher allocation towards gold and silver in investment portfolios this year, said Sachdeva.
Gold and silver poised for higher levels in long term
Gold and silver price targets for June
Gold prices are expected to trade in the range of $2,280-2,400 per troy ounce or Rs 70,300-73,500 per 10 grams while silver prices are likely to trade in the range of $28.80-32.70 per ounce or Rs 89,800-98,000 per kilogram in June, according to Manoj Kumar Jain, Director-Head Commodity and Currency Research at Prithvi Finmart.